Private equity fund manager Platina Partners LLP (Platina) has successfully refinanced its Archangel project with debt funding from Commerzbank.
Archangel is a 9.5MW solar photovoltaic project in Puglia, southern Italy. This is the second time that the Platina and Commerzbank have worked together, as Commerzbank provided part of the debt financing for Platina’s 82MW Orites wind farm in Cyprus in 2009.
The refinancing was negotiated by Riccardo Cirillo, partner at Platina Partners LLP and the head of Platina’s Milan office, who has responsibility for the firm’s ongoing investment strategy in Italy.
Cirillo says: “The difficulties that asset developers and others have experienced in raising funds on the debt markets in recent times have been well documented. We may not have quite returned to the situation we faced in 2008 and 2009, but nonetheless the environment remains extremely challenging.
“That said there will always be an appetite to invest in the right projects and that is as true today as it has ever been. We are delighted that Commerzbank have chosen to invest again in one of our projects. This is the second time that we have worked with them and we look forward to continuing our relationship in the future.”
Hajo Neugaertner, Head of International Project Finance of Commerzbank’s Renewable Energy business said: “The Archangel project with its strong asset structure and Platina, as one of the most professional sponsors in Europe, is still the combination that can attract larger long-term debt commitments from lenders even in an environment of a significantly tighter loan market.
“For Commerzbank, this project was also perfect to leverage its experience in the Italian project finance market and to benefit from the bank’s strong local presence through its Milan branch."
Platina’s portfolio includes 244MW of renewable energy projects in operation, including 41MW of operational solar PV projects and over 500MW of projects in development. Since Platina was established in 2002, it has invested in 1,700MW of renewable energy projects.
